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(Kitco News) -Comex gold futures prices are slightly higher in early U.S. trading Friday. The precious metals markets, as well as most other markets, are in a holding pattern ahead of what is arguably the most important U.S. economic report of the month, the employment situation report, due out shortly. Look for more active trading in many markets in the immediate aftermath of the U.S. jobs report. The key “outside markets” are neutral for the precious metals markets early Friday, as the U.S. dollar index is firmer and crude oil prices are also firmer. April gold last traded up $2.40 at $1,701.10 an ounce. Spot gold was last quoted up $1.20 an ounce at $1,701.25. May Comex silver last traded up $0.109 at $33.94 an ounce.

Traders are awaiting the key U.S. jobs report, due out shortly. Look for a more active trading day in the market place on Friday, in the wake of the jobs report. The key non-farm payrolls figure of the employment report is expected to rise by just over 200,000 in February. Any number that deviates significantly from the non-farm payroll forecast is likely to produce very active trading in the market place.

The European Union sovereign debt crisis has eased a bit, for the moment. The Greek private sector/government debt swap arrangement went smoothly as the deadline for final agreement passed Thursday. This has at least temporarily assuaged the market place’s concerns. European stock markets and the Euro currency were supported on the news. EU country bond yields were also lower following the more upbeat Greek news. However, once the present Greek hurdle is cleared market place attention will turn to other EU trouble spots, such as Portugal. The overall EU debt crisis remains a major underlying bullish factor for safe-haven gold.

Other U.S. economic data due for release Thursday includes the international trade in goods and services report, and the monthly wholesale trade report.

The London A.M. gold fixing was $1,699.50 versus the previous London P.M. fixing of $1,690.00.

Technically, gold futures bulls have made a recovery from this week’s low, but still have more work to do to fully recover from the recent downside price action that did produce some near-term technical damage. The bulls’ next upside price breakout objective is to produce a close above solid technical resistance at $1,727.30. Bears’ next near-term downside price objective is closing prices below solid chart support at this week’s low of $1,663.40. First resistance is seen at the overnight high of $1,707.60 and then at this week’s high of $1,718.00. First support is seen at the overnight low of $1,697.50 and then at Thursday’s low of $1,683.60.

May silver futures bulls also have recovered somewhat from early-week losses, but have more work to do in the near term to regain upside technical momentum. Bulls’ next upside price breakout objective is closing prices above solid technical resistance at $35.00 an ounce. The next downside price breakout objective for the bears is closing prices below solid technical support at this week’s low of $32.49. First resistance is seen at Thursday’s high of $34.185 and then at $34.50. Next support is seen at $33.50 and then at Thursday’s low of $33.36.

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